To be able to gauge market volatility, traders make use of the Nortis Metatrader 5 custom indicator.
This is possible based on the difference between the intraday High and Low.
Volatility is said to be on the rise when the difference between lines Plus and Minus is large.
Apparently, volatility is said to be on the decline when the difference between lines Plus an Minus is small.
The Plus line is filled green, while the Minus line is colored red.
The Notis MT5 indicator can function in dual modes of calculating and data providing:
Cumulative mode – This mode allows the indicator to function like a normal oscillator with a single line. The indicator chart appears inverted in this mode
Inverse in cumulative mode (by default) – This mode is the default mode, as the indicator displays two lines: Plus and Minus. The difference between the Plus and Minus lines points to the market volatility level.
When the Plus and Minus lines cross, it points to market direction:
If the green line (Plus line) crosses the red line (Minus line) to stay below it, the market direction is said to be bullish, while if the green line (Plus line) crosses the red line (Minus line) to hover above it, the market direction is said to be bearish.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Method, Cumulative mode, Inverse in cumulative mode), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Notis.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)